The Australian share market opened lower with the big four banks all posting losses to help the market 0.42 per cent down by the end of the day.
Stronger commodity prices did see a lift in the miners with BHP and Rio both showing healthy gains.
The S&P/ASX 200 index closed 24 points down to finish at 5,674.
The value of trades was $4.8 billion on volume of 819 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA) BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 29 points lower.
Company news
Fortestcue Metals Group responded to media speculation in the Sydney Morning Herald that it was being wooed by two Chinese state owned companies regarding its infrastructure assets. In a statement to the ASX this afternoon FMG said it is open to commercial discussions with a range of groups on a regular basis but no agreement has yet been made. FMG closed 6.2 per cent higher at $1.89.
Origin Energy Limited
(ASX:ORG) will take a one off charge of $270 million on its 2015 full year results as it decouples from New Zealand power supplier Contact Energy. Origin is selling off its 53 per cent stake in Contact via a book build. Shares in Origin Energy closed 3.63 per cent down at $10.61.
Intueri Education Group Limited
(ASX:IQE) has lowered its full year guidance saying strong revenue growth continues in its international business while domestic performance remains soft.
Skilled Group Limited
(ASX:SKE) has reported a 2 per cent dip in net profit for the 2015 financial year while it booked a $60 million impairment charge in relation to its merger with Programmed Maintenance Services.
Decmil Group Limited
(ASX:DCG) has announced $57 million worth of new contracts it has won from the Department of Defence.
Genworth Mortgage Insurance Australia
(ASX:GMA) has delivered a steady first half earnings result however profit was down 25 per cent on the previous first half due to losses in mining areas like Queensland and Western Australia.
Best and worst performers
The best performing sector was materials adding 1.2 per cent to close at 8,583. The worst performing sector was energy, losing 1.6 per cent to close at 10,495 points.
The best performing stock in the S&P/ASX 200 was UGL, rising 6.29 per cent to close at $1.86. Shares Fortescue and Flexi Group also closed higher.
The worst performing stock was Liquefied Natural Gas, dropping 9.97 per cent to close at $2.62. Shares in Paladin Energy and Sigma Pharmaceuticals also closed lower.
Commodities
Gold is trading at $US1,087 an ounce. Light crude is $0.82 up at $US45.99 a barrel. The Australian dollar is buying 73.46 US cents.
